Pernix to acquire Zohydro ER franchise from Zogenix
US CNS focused drugmaker Zogenix (Nasdaq: ZGNX) has entered into a definitive agreement to sell its Zohydro ER (hydrocodone bitartrate) business to Pernix Therapeutics (Nasdaq: PTX).
Pernix has agreed to pay $100 million at closing, plus regulatory and commercial milestones of up to $283.5 million if the Zohydro ER franchise achieves agreed-upon net sales targets of up to $1 billion annually. The acquisition includes three extended release hydrocodone products, including an abuse-deterrent pipeline and all related intellectual property.
The sale of Zohydro ER to Pernix cuts operating expenses, eliminates R&D expenses related to ongoing abuse-deterrent formulations, and enhances the financial strength with non-dilutive capital, said Zogenix. Notwithstanding, Zogenix’ share fell 9.6% to $1.51 in after-hours trading on Tuesday.
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